What is Income Protection Insurance?
If you're in full-time employment, then you're entitled to a certain amount of statutory sick pay each year. However, if you become ill or injured for longer than your sick pay period permits, or if you're self-employed, then you could face a loss of income. Loss of income for any period is far from ideal for anyone, but especially if you've got bills to pay and/or any dependents.
Income protection cover is designed to pay out a regular, replacement income, in the event that you are unable to work due to illness or long-term injury or disability. The payout will equal a portion of your current income and will typically continue until you return to work, you retire, or you die, whichever comes first. This may vary from policy to policy though, always read the small print. The terms available for the self employed will be different, so it's important to check a claim can be made.Finding an income protection policy is easy with Money Expert. All you need to do is fill in a quick form telling us a bit about yourself and the kind of cover you're after. Click 'get a quote now' at the top of this page to visit the form.